Renold posts lower FY profit, revenues

Industrial chains and related power transmission products company Renold has posted a reduced full-year pre-tax profit as its revenue fell amid a challenging market.

The company, whose shares were up more than 1%, recorded a pre-tax profit of £7.4 million, down from £7.7 million, while revenue hit £165.2 million, from £181.4 million.

"Looking ahead, we are hopeful that market headwinds will moderate around the end of the first half of the new financial year," said chief executive Robert Purcell in a statement.

"All three phases of STEP 2020 (Strategic Plan) are now in progress. We are confident that the steps we are taking to improve our business will generate significant shareholder value, particularly when market conditions improve."